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Macroeconomic Adjustment and the History of Crises in Open Economies
Aizenman, Joshua; Noy, Ilan - National Bureau of Economic Research (NBER) - 2012
This paper investigates the impact of the history of crises on macroeconomic performance. We first study the impact of past banking crises on the probability of a future banking crisis. Applying data for 1980‐2010 for all countries for which the required information is available, controlling...
Persistent link: https://www.econbiz.de/10010969363
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The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2014
This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new …-through" approach towards the Eurozone crisis. We review several manifestations of this muddling through process. Greater mobility of … mature institutions in the Eurozone. …
Persistent link: https://www.econbiz.de/10010950748
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Fiscal Challenges in Multilayered Unions: An Overview and Case Study
Aizenman, Joshua; Gunnarsson, Gunnar - National Bureau of Economic Research (NBER) - 2014
fiscal deficiencies in a mature union, U.S., versus a young union, Eurozone. We continue with an overview of the fiscal …
Persistent link: https://www.econbiz.de/10010951354
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Financial Globalization and Real Regionalization
Heathcote, Jonathan; Perri, Fabrizio - National Bureau of Economic Research (NBER) - 2002
Over the period 1972-1986, the correlations of GDP, employment and investment between the United States and an …
Persistent link: https://www.econbiz.de/10005248953
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External Adjustment
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2004
Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the...
Persistent link: https://www.econbiz.de/10005085026
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Financial Globalization, Growth and Volatility in Developing Countries
Prasad, Eswar; Rogoff, Kenneth S; Wei, Shang-Jin; Kose, … - National Bureau of Economic Research (NBER) - 2004
This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth....
Persistent link: https://www.econbiz.de/10005085262
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International Portfolio Diversification and Multilateral Effects of Correlations
Bergin, Paul; Pyun, Ju Hyun - National Bureau of Economic Research (NBER) - 2012
Not only are investors biased toward home assets, but when they do invest abroad, they appear to favor countries with returns more correlated with home assets. Often attributed to a preference for familiarity, this ‘correlation puzzle’ further reduces effective diversification. However, a...
Persistent link: https://www.econbiz.de/10009654195
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Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
Weidenmier, Marc; Mitchener, Kris James - National Bureau of Economic Research (NBER) - 2009
We test whether fixed exchange rate regimes are ever credible in emerging markets by analyzing the behavior of short-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern financial history. We exploit the fact that global...
Persistent link: https://www.econbiz.de/10008625939
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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G.; Quadrini, Vincenzo - National Bureau of Economic Research (NBER) - 2009
Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing...
Persistent link: https://www.econbiz.de/10008631071
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Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010
investment or trade channel depending on the openness of the economies. While a higher degree of exchange rate stability could … stabilize the real exchange rate movement, it could also make investment volatile, though the volatility-enhancing effect of … exchange rate stability on investment can be offset by holding higher levels of IR. Our results indicate that policy makers in …
Persistent link: https://www.econbiz.de/10008634683